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GDP rose 0.5% in the Sept qtr

Australia's economy grew by 0.5 per cent in the three months to September, slightly below expectations.

That took gross domestic product (GDP) growth for the year to September to 3.1 per cent, in seasonally adjusted terms, the Australian Bureau of Statistics (ABS) said on Wednesday.

The September quarter growth follows an unrevised 0.6 per cent rise in the June quarter.

Economists had expected GDP to rise by 0.6 per cent in the September quarter for an annual rate of 3.1 per cent, according to an AAP survey of 13 economists conducted on Friday.

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Household final consumption expenditure rose 0.3 per cent in the September quarter and was up 3.3 per cent over the year to September, adjusted.

Total investment in dwellings rose 0.7 per cent in the quarter to be down 6.3 per cent in the year to September.

Total gross fixed capital formation rose 0.4 per cent in the quarter and was up 4.5 per cent over the year.

Domestic final demand rose 0.2 per cent in the quarter and was up 3.7 per cent over the year.

The seasonally adjusted GDP implicit price deflator, the broadest measure of price changes in the economy, was down 0.3 per cent in the September quarter, from a rise of 0.4 per cent in the June quarter, to be down 1.2 per cent over the year.

The seasonally adjusted implicit price deflator for household final consumption was up 0.8 per cent in the September quarter, from a rise of 0.9 per cent in the previous quarter, and was up 2.3 per cent over the year.

Farm GDP, in chain volume measures, fell 5.4 per cent in the September quarter to be down 7.5 per cent in the year to September.